✨ Financial Statements Notes
Otago Community Trust
Notes to the financial statements
For the year ended 31 March 2014
Significant accounting policies (continued)
(d) Fair value hierarchy
For those instruments recognised at fair value in the balance sheet, fair values are determined according to the following hierarchy:
- Quoted market price (level 1) – Financial instruments with quoted prices for identical instruments in active markets.
- Valuation technique using observable inputs (level 2) – Financial instruments with quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in inactive markets and financial instruments valued using models where all significant inputs are observable.
- Valuation technique with significant non-observable inputs (level 3) – Financial instruments valued using models where one or more significant inputs are not observable.
The Trust's managed investments are classified as level 2. There were no transfers between different levels and no financial instruments fall under level 1. Changing the value assumption to a reasonable possible alternative would not significantly change fair value.
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NZ Gazette 2014, No 85
✨ LLM interpretation of page content
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Otago Community Trust Financial Statements
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Community Trusts Act 1999, Otago, Accounting Policies, Property, Plant and Equipment, Depreciation, Impairment, Revenue, Investment Income, Rental Income, Lease Payments, Finance Income and Expenses, Income Tax Expense, Deferred Tax Asset, Donation Expenditure, Statement of Cashflows, Fair Values, Equity and Debt Securities, Trade Receivables, Derivatives, Forward Exchange Contracts, Interest Rate Swaps